GSIS’ 2017 profit gets boost from financial assets

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Government Service Insurance System (GSIS) recorded higher net profit last year on the back of income from financial assets.

In a statement sent Friday, July 20, the state pension fund said its net income grew to P94.7 billion in 2017, 69% higher than the P56.1 billion logged in the same period last year.

GSIS attributed the growth to its income from financial assets, which almost doubled at P59.1 billion last year from the P30.2 billion year-on-year.

In particular, the increase came from gains on valuation of traded stocks last year at P37.3 billion, reversing the P516.2-million loss incurred in 2016.

Income from insurance climbed to P107.2 billion, up 10% from the year-ago period, supported by contributions of its members which stood at 1.71 million as of end-2017. — Karl Angelo N. Vidal